The fund aims to track the performance of the FTSE USA Index, which represents the performance of large and mid cap companies in the United States. The tracker utilises a full physical replication method which means it will hold all the companies comprising the index. To make sure it is aligned with the index, it will buy up or sell down to the target weights at each date of rebalance. We like the tracker as it gives us exposure to both large and mid cap US companies and it has tracked the benchmark well historically. It is also quite cheap with an ongoing charge of 0.08% as of January 2016.